The growing aim of advancing personal health and fitness utilizing smart devices and wearables fosters market growth. Besides, the growing penetration of the internet and smartphones and increasing adoption of mHealth technology and platforms by physicians and patients are also predicted to foster market growth. In addition, the growing penetration of digital health services for remote patient monitoring is also growing the requirement for mobile health apps, which in turn is predicted to foster market growth over the review years.
Moreover, increasing awareness among individuals to utilize mobile health solutions and supportive government initiatives to introduce and encourage remote digital healthcare are some of the aspects predicted to foster market growth over the years. Furthermore, the growing usage of smartphones among the adult population and teenagers is also predicted to propel the growth of mHealth platforms and technologies during the forthcoming period.
According to the SPER market research, ‘mHealth Market by Product (Apps and Devices), Connected Devices (Glucose & Blood Pressure Monitor, Pulse Oximeter), Apps (Women Health, Diabetes Management, Mental Health), Services – Global Forecast to 2027’ state that the mHealth Solutions Market is predicted to rise at a CAGR of 24% from 2020 to reach $212.5 billion by 2027.
The foremost aspects that underwrite the mHealth market growth involve the prevalence of lifestyle disorders, integration of wireless technologies with movable healthcare devices, technological advancements, and favorable government initiatives. In addition, the affordability of innovative and advanced smartphones and the increase in the adoption of mHealth among medical professionals foster the mobile health market growth.
Moreover, mHealth devices are being produced for broad usage for patients. The assorted data through the services of the mHealth market aids in curing the patients and hence, is undergoing advancement. The major market players are investing in the research and development departments for devices and services to benefit patients and assist them in receiving the finest possible treatment. Also, the government is screening assistance towards the global growth of the mHealth market with its proposes schemes and regulations.
Owing to the augmented awareness amongst individuals for personal healthcare, the patients are getting included in-depth for their medical condition and delivered the appropriate information on demands. Also, the mobile and electronic industry is aiming at the same by developing smartphones, and watches, alongside other wearable devices. Also, the healthcare industry convicts are investing in these variables which are assisting the mHealth market to rise at a staggering rate.
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North America registered the market for mHealth and dominated for the largest revenue share in 2022 owing to different factors, which include increasing healthcare expenditure, augmenting incidences of chronic diseases, growing geriatric population, and extremely developed network infrastructure. In addition, favorable government ingenuities and the increasing adoption of mobile healthcare applications are growing the demand for mHealth services around the region. Moreover, the growing burden of cardiovascular diseases in the region is propelling the demand for real-time monitoring. The accessibility of mHealth apps that can deliver real-time information connected to cardiovascular health can prevent foremost health issues and decrease the death rate owing to sudden cardiac arrest.
Sara Lopes, Business Consultant – U.S.A.
SPER Market Research